Bitcoin Funding Rates Flip Positive Above $62K
The Bitcoin (BTC) funding rates have flipped positive, indicating that longs are now paying shorts. According to CryptoKing4Ever, this suggests a bullish positioning in the market.
At present, the price of BTC is $63,969.82 and remains above the crucial $62K level that could trigger a flush of leveraged longs if lost while funding rates stay elevated.
The charts show that the price trades within the Bollinger Bands, with upper resistance at $64,239.0 and lower support at $62,366.18.
The 50-EMA is situated at $63,722.17 and serves as a strong support level, while the 200-EMA at $63,672.77 also acts as a significant support point.